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I remember as a child being in such a hurry to grow up. I thought I'd be able to make money and spend it on whatever I wanted. While that is true to a point, there is also a thing called debt. Being in debt is a horrible feeling. I'm in debt from a few bills. Nothing drastic but it's still a feeling I don't enjoy experiencing. There are ways to avoid debt all together, or to help you get out of debt.
6 tips to help with debt
- Budget Money
Budgeting your money is very important. Every month my husband and I sit down and pay our household bills. We also put money aside for groceries, household supplies (things like toilet paper, trash bags etc). Then we divide up what is left and that's our “fun money”. We also put money aside for emergencies. It's never much because we don't make that much but it's always something.
- No Credit Cards
For some people this one is hard to do. We don't have credit cards. If we don't have the cash for what we want to purchase, frankly we just don't purchase it!
- Grocery Coupons
When possible, we use coupons at the grocery store on items we were going to purchase anyway. The money you saved can be put in the “Rainy day fund” or can be used to pay off some of your debt. Remember, if your debt requires a huge payment, you can be creative about how to earn that money.
- Sales when shopping
When you need to make big purchases you can look for sales before you buy. Tax time is a great time to make big household purchases. Companies usually have great sales around this time.
- Apply for Scholarships for college
Paying for college for yourself or your children can be a big financial burden. Scholarships are a good way to help pay for college. I recently posted creative ways to pay for college. Nationwide Debt Direct has some more information about scholarships.
- Reward programs
There are different programs you can use online to earn gift cards that will help you save money on purchases as well. I personally use swagbucks everyday. I will get a code randomly when I do a web search I'd already do. Every 500 points I submit my points to get a $5 Starbucks gift card. There are more ways to earn more points but this is the bare minimum.
If you are severely in debt, or just want to get out of debt as quickly as possible, you can talk to companies that help you consolidate your debt. Nationwide Debt Direct is one such company that can help you with this.
Do you have any debt tips? I'd love to hear them!